The company reported total operating revenues of US$1.23 billion, an 11 percent increase from US$1.11 billion in the same period last year, largely driven by improved performance in all gaming and non-gaming operations in Macao.

Operating income for the first quarter of 2025 reached US$144.9 million, up from US$125.4 million in 2024. The company’s adjusted property earnings before interest, taxes, depreciation, and amortisation (EBITDA) was US$341 million, compared to US$298.8 million in the previous year. Net income attributable to Melco Resorts & Entertainment Limited was US$32.5 million, or US$0.08 per American depository share (ADS).

“Macao property EBITDA grew 32 percent quarter-over-quarter, demonstrating our strength and growth potential in Macao,” said Mr. Lawrence Ho, chairman and chief executive officer. 

“Mass drop increased each month during the quarter, and we recorded our highest daily mass drop ever. The ongoing strength that we are seeing in our business momentum is a direct result of the combined efforts of our teams, and the quality of our product offerings, and we will continue to build on this momentum,” he said.

City of Dreams saw total operating revenues of US$658.1 million and adjusted EBITDA of US$195.9 million, driven by better performance in all gaming operations. Rolling chip volume increased, with a win rate of 3.74 percent. Mass market table games drop also increased, with a hold percentage of 30.2 percent. Total non-gaming revenue at City of Dreams was US$84.1 million.

Studio City’s total operating revenues were US$354.5 million, and adjusted EBITDA was US$97.3 million, largely due to improved mass market performance. Altira Macau reported total operating revenues of US$27.9 million, with a negative adjusted EBITDA of US$0.7 million, impacted by softer mass market table games performance. Mocha and other units contributed US$30.6 million in total operating revenues and US$6.8 million in Adjusted EBITDA.

The company noted impacts on City of Dreams Manila from increased competition, while City of Dreams Mediterranean and satellite casinos in Cyprus showed growth despite regional challenges. City of Dreams Sri Lanka’s casino fit-out is progressing, with operations expected to commence in the third quarter of 2025.

Capital expenditures for the quarter were US$97.4 million, including costs related to enhancement projects at City of Dreams and Studio City in Macao.